Brands
Whirlpool India Q3: Full Elica buyout and new board director
UMBAI: Keeping things cool is Whirlpool of India’s speciality, but their latest board meeting suggests they are turning up the heat on the competition. In a marathon session lasting from 10:30 AM to 04:30 PM on 6 February 2026, the white goods behemoth decided to stir the pot by finalising a major acquisition and welcoming a seasoned finance veteran to the table.
Whirlpool has officially decided to go all in on its cooking and built-in business. The board approved the acquisition of the remaining 3.18 per cent stake in its subsidiary, Elica PB Whirlpool Kitchen Appliances Private Limited, for a cash consideration of approximately Rs 59 crore.
This move effectively turns the subsidiary into a 100 per cent wholly owned venture, with the deal expected to close by March 2026. Elica, which was incorporated in April 2010, is no small fry; it reported a turnover of Rs 499 crore for the year ending March 2025.
The company is also adding a dash of experience to its leadership. Anil Berera, a heavyweight with over 40 years of finance and corporate governance experience, has been appointed as an independent director.
Berera’s term will run from 1 March 2026 until 30 November 2029, pending shareholder approval. With a background that includes stints at PricewaterhouseCoopers and Gillette, he is expected to provide steady hands as the company navigates the current economic climate.
On the financial front, the results for the quarter ended 31 December 2025 were a mixed bag of rising revenues and exceptional hurdles:
Standalone revenue: Climbed to Rs 162,413 lakh this quarter, up from Rs 156,495 lakh in the same period the previous year.
Consolidated revenue: Reached Rs 177,384 lakh for the quarter.
Net profit: The standalone profit for the quarter stood at Rs 1,345 lakh, a dip from Rs 2,678 lakh recorded in the previous year’s corresponding quarter.
Exceptional items: Profits were hit by a significant provision of Rs 3,884 lakh at a consolidated level (Rs 3,341 lakh standalone) due to the implementation of new Government of India labour codes.
Total comprehensive income: Reached Rs 1,513 lakh for the standalone quarter.
Despite these one-off costs, the company continues to see growth in its core Home Appliances segment. The board also noted a previous silver lining: an insurance claim of Rs 991 lakh received earlier in the year following a fire at their Delhi warehouse in March 2024.
While the numbers show a slight chill in immediate profits due to regulatory shifts, Whirlpool’s total control of Elica and the addition of Berera suggest they are prepping the oven for a very busy 2026.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
